MSM sloppiness, or running interference for Air America?

From Michelle Malkin:

It's up to Brian Maloney, once again, to get to the bottom of the story:

Since Air America Radio's bankruptcy bailout by wealthy Manhattan real estate mogul Stephen L Green was announced on February 7 (and finalized yesterday), the public has been led to believe the network's assets had fetched $4.25 million.
But the news media, led by the Associated Press, may have blown the story: in fact, Air America's true valuation may actually be zero!

Did anyone examine the filings?

That's the stunning conclusion reached by bankruptcy expert Donald J Quigley, a Denver- based attorney who has been assisting your Radio Equalizer on this matter for several weeks.

Quigley is associated with Denver's Block Markus Williams LLC and as a matter of disclosure, one of the company's creditors is a distant relative.

Could this be but the latest chapter in Air America Radio's ongoing shell game, where insiders always manage to stay one step ahead of investors and creditors?

Out of the reported $4.25 million purchase price, according to our legal expert, "$3.25 million is illusory: that's money that Rob Glaser had already loaned to the company. Air America already blew through this by continuing to operate during bankruptcy at a loss rate of $1m per month...

Read the whole thing. You, too, MSM.

So tell us, MSM: is it sloppiness (i.e. dereliction of your journalistic duty) or bias? Is either of those excuses better than the other?